"The board has appointed Satyananda Mishra as the chairman, subject to approval of FMC," MCX said in a statement.

Mishra, who was the CIC from 2010 to September 2013, joined the Indian Administrative Service in 1973 after a brief stint with the State Bank of India as a probationary officer.

Currently, as many as 10 directors out of the 12-member MCX board are now either independent directors or nominated by the FMC and the government.

The previous chairman of MCX, Venkat Chary, resigned in August as new Forward Markets Commission (FMC) revised its guidelines in August and the new guidelines stated that the age limit of people on the board should not be more than 70 years.

Similarly, in the case MCX -SX, independent directors are now calling the shots. As many as five out of six directors are public interest directors. Former Union Home Secretary GK Pillai is the chairman of MCX-SX.